938 Park Ave · Schenectady, NY 12308

$349,900

7 bd · 3.0 ba · 2,380 sqft · MultiFamily public records · 179 Days on market

Built 1910 5,227 sqft lot $147/sqft · 20% below area Est $436k · 20% under ↓ 8% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.4/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +7.2/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great multi-family investment opportunity in Schenectady. 3 units. All utilities separated. 2 units empty, 1-unit occupied (month to month). Large 2-car garage. Plenty of off street parking. Perfect for owner occupied or pure investment. Very close to downtown amenities; Union College, Rivers Casino, local restaurants and shopping. Don't miss this one!

Key facts

• Large garage
• Off street parking
• Utilities separated

Tags

• UTILITIES SEPARATED
• LARGE GARAGE
• OFF STREET PARKING
• CLOSE TO DOWNTOWN AMENITIES

What this means for you Summary

Snapshot

• This is a 7-bed/3.0-bath multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $807 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 6.3% in Schenectady — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#167 in NY, #2,597 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, cost of living A; Watch: schools C-, employment D+, crime F.
• Schenectady City School District (urban): math 38% / reading 34% proficiency, ranked #556 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 78 active listings in the ZIP; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• At $4,276/mo this rent would consume 81% of the median local household income ($63k/yr) (locally 1016% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 179 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $307,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 179 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.89%
• DSCR: 1.44
• GRM: 6.8

CMA / ARV

• ARV (median comp): $436,025
• List price: $349,900
• Delta: -19.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1 Chestnut St	0.48mi	6/3.0 (-1)	2,406 (+1%)	2mo	$290,000	$121	69
762 Eastern Ave	0.23mi	6/2.0 (-1)	2,205 (-7%)	3mo	$269,900	$122	65
21 Hawk St	0.50mi	6/2.0 (-1)	2,294 (-4%)	0mo	$334,750	$146	61
16 Paulding St	0.11mi	6/2.0 (-1)	2,078 (-13%)	5mo	$205,000	$99	61
5 Hawk St	0.55mi	6/2.0 (-1)	2,294 (-4%)	1mo	$325,000	$142	59
1610 Avenue A	0.70mi	6/3.0 (-1)	2,442 (+3%)	5mo	$268,000	$110	54
1111 Parkwood Blvd	0.48mi	6/2.0 (-1)	2,532 (+6%)	6mo	$250,000	$99	53
16 Hawk St	0.51mi	6/2.0 (-1)	2,584 (+9%)	0mo	$370,000	$143	53
531 Nott St	0.65mi	6/2.0 (-1)	2,524 (+6%)	4mo	$210,000	$83	48
309 Mcclellan St	0.63mi	6/2.0 (-1)	2,572 (+8%)	6mo	$312,000	$121	43
25 Steuben St	0.74mi	6/3.0 (-1)	2,640 (+11%)	1mo	$265,000	$100	42
316 Georgetta Dix Plz	0.69mi	6/4.0 (-1)	2,664 (+12%)	4mo	$262,500	$99	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-5,135
• Equity at exit: $52,171

10-year hold

• IRR: 8.3%
• Equity multiple: 1.64×
• Total profit: $62,364
• Equity at exit: $30,253

Cash invested: $97,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12308

• Home prices YoY: -14.6%
• Active inventory: 78
• Price-to-rent: 20.5×

Monthly cashflow live

• Estimated rent: $4,276 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$590 /mo · $7,083/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$898
• Net cashflow: $807

Break-even live

Break-even rent $3,254

Max offer price $349,900

Occupancy floor 76%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,275
Total (3 units)			$4,276

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-19
   historical Contingent 354-char remark

   Show marketing remark (354 chars)

   Great multi-family investment opportunity in Schenectady. 3 units. All utilities separated. 2 units empty, 1-unit occupied (month to month). Large 2-car garage. Plenty of off street parking. Perfect for owner occupied or pure investment. Very close to downtown amenities; Union College, Rivers Casino, local restaurants and shopping. Don't miss this one!

2. 2026-05-16
   price $349,900 354-char remark

   Show marketing remark (354 chars)

   Great multi-family investment opportunity in Schenectady. 3 units. All utilities separated. 2 units empty, 1-unit occupied (month to month). Large 2-car garage. Plenty of off street parking. Perfect for owner occupied or pure investment. Very close to downtown amenities; Union College, Rivers Casino, local restaurants and shopping. Don't miss this one!

3. 2025-11-24
   listed $379,900 Active 354-char remark

   Show marketing remark (354 chars)

   Great multi-family investment opportunity in Schenectady. 3 units. All utilities separated. 2 units empty, 1-unit occupied (month to month). Large 2-car garage. Plenty of off street parking. Perfect for owner occupied or pure investment. Very close to downtown amenities; Union College, Rivers Casino, local restaurants and shopping. Don't miss this one!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $7,083 · $590/mo
• Projected year-2 tax: $7,083 · $590/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,312
• − Mortgage interest: −$19,600
• − Property taxes: −$7,083
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,105
• − Management: −$4,105
• − Depreciation: −$10,179
• Taxable income: $4,491
• Est. tax owed @ 24.0%: −$1,078
• After-tax cash flow: $8,607/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Schenectady City School District
• NCES district ID: 3626010
• Math proficiency: 38% ▲ 12.00%
• Reading proficiency: 34% ▲ 2.00%
• Median HH income: $39,453
• Composite: 30.2/100
• National rank: #6309
• State rank: #556 of 590 in NY

Livability — Schenectady

• Score: 78/100
• State rank: #167
• US rank: #2597

Category grades

Amenities B- Commute A+ Cost of living A Crime F Employment D+ Housing A Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Schenectady, NY
• County: Schenectady County · 141,369 people
• City population: 141,369
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 15,511
• Household income: $63,434
• Rent vs Own: 55.0% rent · 45.0% own
• Severe rent burden: 1016.0

Population outlook (Schenectady County) Hauer SSP2

• Today (2025): 155,046 people
• By 2030: 154,322 · -0.5%
• By 2040: 151,796 · -2.1%
• By 2050: 148,621 · -4.1%
• By 2075: 141,229 · -8.9%
• By 2100: 126,014 · -18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 57% Black 17% Hispanic / Latino 13% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 8%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 3%
• Foreign-born: 10% · Canada
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 2% Arabic 1%

Political lean MEDSL · Schenectady

• 2024 margin: D (+10.8) · D 55.4% · R 44.6%
• 2008→2024 swing: -1.8pp toward R · 2008: 12.7pp · 2024: 10.8pp
• All cycles: 2024: D+10.8 2020: D+15.7 2016: D+5.8 2012: D+15.4 2008: D+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.17%
• Current HPI: 344.8675
• Rent YoY: —
• Metro: Albany-Schenectady-Troy, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

-7.9% since first listed

3 events — show timeline

• 2026-05-19 Contingent — Global MLS
• 2026-05-16 Price Changed $349,900 Global MLS
• 2025-11-24 Listed $379,900 Global MLS

Property tax history

+1.0%/yr

Latest (2025): $7,083 · +4.1% YoY. Source: county tax records.